Import prices up by 2.3 percent

According to the Federal Statistical Office, in October 2007 the import price index was 2.3 percent higher than in October of the previous year. The increase is, however, mainly a consequence of the so-called basic effect. Compared to September 2007 the import price index increased by 0.7% in October. The export price index, on the other hand, was up by 1.3% in October as compared to the same month last year and 0.1% higher than in September this year.

Particularly high was the inflation in prices for pig iron, steel and iron alloys in October 2007 (+5.4%). Non-ferrous metal ores were 1.6% more expensive than last year. The prices for non-ferrous metals and the semi-finished products thereof, on the other hand, were 1.7% less expensive than last year. In particular the prices for raw copper and raw aluminum fell by -5.4% and -6.1% respectively. Nickel in its crude form, which is mainly used for the production of stainless steel, also became -11.4% cheaper. Prices for lead, zinc and tin in crude form increased by 7.1%

In the food industry prices increased mainly for the import of cereals (+52.6%), milk and dairy products (+24.8%), crude coffee (+8.4%) and crude cocoa (+4.4%). Poultry became 21.3% more expensive while the price of imported pork fell by 8.7% as compared to last year.
Cheaper than one year ago were electronic data processing devices and equipment (-31.7%) as well as electronic components (-22,0%).

Energy carriers were 15.1% more expensive in October this year than in October 2006. Thus, the price for crude oil increased by 24.4% and prices for mineral oil products were up by 22.3%. Hard coal was 11.8% more expensive thus contributing to the overall inflation in the energy sector. Solely natural gas was -8.2% less expensive and thus somewhat curbed overall inflation. The import price index without taking into account oil and mineral oil products was 0.1% lower in October than one year ago.

As compared to September 2007 prices increased particularly significantly for energy (+3.8%). While monthly inflation for mineral oil products and crude oil became weaker with +3.5% and +2.8% respectively, inflation in prices for hard coal continued rising (+ 5.8%). With regard to imported natural gas, this was more expensive in October 2007 as compared to September this year (+5.5%). GERMAN